The National Retail Federation's 2016 consumer spending survey estimates Americans will spend a record high of $19.7 billion this year on Valentine's Day gifts and experiences. FORBES analysis of data from the consumer survey found that net average Valentine’s Day spending will be approximately $17.55 billion.

This year, Americans are electing to spend more on "an evening out" with a special someone than on traditional Valentine's Day gifts such as jewelry, clothing or candy.